Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has raised the alarm over projections by multiple sources that the global loss to cybercrimes may reach a staggering $10.5 trillion by 2025, with approximately 2,328 cases occurring daily.
Olukoyede made this revelation on Tuesday in Abuja at the National Summit on Cybercrime organised by the EFCC with the support of the European Union-funded Rule of Law and Anti-Corruption (RoLAC II) Programme of the International IDEA.
Noting the enormity of challenges posed to individuals and the nation by cybercrimes, he regretted that individuals’ and youths’ involvement in crimes is distorting and corrupting acceptable family values.
He said that the tendency towards quick riches no longer positions young people for enterprise, resourceful intellectual aspirations, and technological innovations.
He stressed the significant challenges cybercrimes pose to individuals and the nation, expressing concern over the impact of such activities on family values and the moral fabric of society. He noted that the allure of quick riches has shifted the aspirations of young people away from enterprise and innovation.
“The implication of all these is that, if left unchecked, cybercrimes portend grave dangers to the entire world,” he said. “These are the realities stoking the Commission’s fight against these crimes. Cybercrime accounts for a significant percentage of the 3,455 convictions recorded by the EFCC in my one year as Executive Chairman.
“A significant portfolio of choice assets have also been recovered and returned to both local and foreign victims of cybercrimes by the Commission. We are not oblivious of insinuations and misconceptions in some quarters that the Commission is concentrating its operational work on the fight against internet crimes. While this narrative is not really true, the fact remains that cybercrime threatens the nation’s most significant asset – its reputation and economic well-being.”
He stressed the urgency of the Commission’s fight against these crimes, noting that cybercrime has accounted for a notable percentage of the 3,455 convictions recorded by the EFCC during his tenure as Executive Chairman.
Furthermore, Olukoyede stated that the Commission has successfully recovered and returned a significant portfolio of assets to both local and foreign victims of cybercrimes. He addressed misconceptions about the EFCC’s focus, asserting that while the agency prioritises cybercrime, it remains committed to combating all forms of financial crimes.
He pointed out that the financial services sector has incurred staggering losses due to cybercrime over the past three years, warning against complacency that could compromise the integrity of national institutions and the future of the youth.
“The losses by the financial services sector to cybercrime in the last three years are staggering. We cannot continue to sit idly and watch the integrity of our institutions compromised and our youths degenerate into uselessness. The future of our nation cannot and would not be allowed to hang in the balance. We must take collective action against cybercrimes.
“Talking about alternatives to cybercrimes, there are ample skills that can be optimised for national development. It is this lack of serious cogitation on the alternatives that has not made our youths shift their focus from criminal tendencies.
“First, there is the alternative of creative and innovative development of socially beneficial applications that can deliver better prospects than internet fraud.
“Today’s event is tailored towards exposing young Nigerians with strong tech skills to the opportunities that abound in various industries and sectors for legitimate wealth creation and honest livelihood.
“These opportunities can be found in the creative industry, tech ecosystem, financial services sector, medical services, and even law enforcement,” he added.
Olukoyede called for collective action against cybercrimes and urged a shift towards more productive alternatives for young Nigerians. He noted the potential for creative and innovative development of socially beneficial applications that could provide better prospects than internet fraud.
The summit aims to expose young Nigerians with strong tech skills to various legitimate opportunities for wealth creation in industries such as the creative sector, technology, financial services, medical services, and law enforcement.
